Gaming Innovation Group's financial report for Q3 2023

8 November 2023
(PRESS RELEASE) -- Gaming Innovation Group Inc. reports Q3 2023 revenues of €31.8 million and an adjusted EBITDA of €23.4 million.
"I am delighted to share with you the strong Q3-2023 results for Gaming Innovation Group, as we continue our journey towards becoming world leaders in the iGaming industry, focusing on our two core business areas, Media and Platform & Sportsbook. The third quarter of 2023 has proven to be another period of growth and achievement", says Petter Nylander, Chairman of GiG.
Financial Highlights
- Gaming Innovation Group achieved all-time high revenues in Q3 2023 amounting to €31.8m (22.9), an increase of 39% YoY, whereof 23% organic
- Adjusted EBITDA was €23.4m (8.5), and excluding a €9.8m reversal of earn-out provision, EBITDA was €13.6m (8.5), an increase of 61% YoY, with an adjusted EBITDA margin* of 42.8% (37.0%)
- EBIT ex. earn-out reversal was €6.8m (2.5), an increase of 173% YoY, with an EBIT margin* of 21.2% (10.8%)
- Revenues in GiG Media at all-time high of €22.5m (15.1), an increase of 49% (23% organic), with an adjusted EBITDA of €10.4 (6.8)
- Revenues* for Platform & Sportsbook were €9.3m (7.8), an increase of 20%, all organic, with adjusted EBITDA of €3.2m (1.7)
- EPS was €0.07 (0.01)
- Positive cash flow from operations of €8.3m (10.0)9.5)
Operational Highlights
- Jonas Warrer appointed acting group CEO, replacing Richard Brown
- Appointed Richard Carter as new Platform & Sportsbook CEO
- FTDs for GiG Media were 113,800 (86.900), up 31% YoY
- Ask Gamblers continued positive momentum with revenues up 45% from run rate at take over
- Signed two new agreements for Platform & Sportsbook
- Five additional brands went live on the Platform in Q3 2023, including new market entries in Serbia and Portugal
- GiG's platform and sportsbook live in the U.S. state of Maryland
Events after Q3
- Acquires KaFe Rocks, cementing position as the dominant lead generator within the lucrative online casino market
- One additional brand has gone live so far in Q4 2023, number of live brands is 63 as of today
- Appointing former SBTech and DraftKings executive Andrew Cochrane as new Chief Business Officer (CBO) for Platform & Sportsbook